The text below is an unofficial translation of the report disclosed by PKO BP pursuant to the Polish Act on Public Trading in Securities of 21st August, 1997 (as amended). As Polish is the only official language in the Republic of Poland, PKO BP assumes responsibility only for the Polish language report. PKO BP assumes no responsibility for the report in its unofficial English translation. The Management Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna hereby informs that on 21 October 2004 the Polish Securities and Exchange Commission, pursuant to decision nr DSP/E/4110/32/51/2004, following a request from the Selling Shareholder, the Offeror and the Issuer, granted its consent for the change of the Offering Prospectus as specified below: paragraph 2 in point 2.8.3 chapter III of the Prospectus shall read as follows: "These re-allocations cannot decrease the number of Offer Shares being offered in a given tranche by more than 45,000,000 Offer Shares, unless the demand for shares at a price equal to or exceeding the Offer Price shall be less than the number of Offer Shares being offered in any such a tranche. In such case, all Offer Shares which have not been subscribed for or with respect to which no declarations of interest have been made at a price equal to or exceeding the Offer Price may also be re-allocated." Stabilisation/FSA
